Zenith Birla annouces public offer equity shares

Bangalore, Oct 10 (UNI) Zenith Birla, a Yash Birla Group company, announced its "Follow on Public offer" of 2,38,18,182 equity shares of face value of Rs 10 each at a premium of Rs 45 per share aggregating to Rs 13,100 lakh.

Company Senior Vice President Lalit Rungta told newsmen here today that this offer also compromised of the promoters contribution of 45,45,455 equity share of face value of Rs ten each at a price of Rs 55 for each aggregating to Rs 2500 lakhs equity shares.

The net offer to the public is of 96,36,365 equity shares of Rs ten each at a price of Rs 55 aggregating to Rs 5300 lakhs, he said.

The issue would constitute 59 per cent of post-issue paid up capital of the company, Mr Rungta added.

The capital raised from the issue will be deployed to set up additional facilities to manufacture mechanical tubes, he said.

The funds generated will be used for working capital of the existing business and margin money for the mechanical tube business.

The issue will open on October 16 and close on October 20, he said.

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